Standard Life profits surge

STANDARD Life reported a better-than-expected 28 per cent increase in its 2011 profit, helped by cost cuts and a strong performance at its Canadian unit.

Edinburgh-based Standard Life, Britain’s fifth-biggest insurer, made a pre-tax operating profit of £544m last year, ahead of the £476m expected by analysts.

The improvement was driven in part by £45m in cost cuts, as well as a 70 per cent increase in profit at Standard Life’s Canadian division.

“Today’s results again demonstrate that we are well on track to transform the operational and financial performance of Standard Life,” Chief Executive David Nish said in a statement.